I'm not predicting anything, I only react to what the market shows me. If it shows me a bullish monthly close, then I can look for an entry and a target to trade in to.
The iron or chart is playing around a big monthly support as well, pays to keep an eye on how it closes. Last weekly candle closure for iron ore looked very bearish, who's to say some bad news doesn't come out before this weeks end and this push up is just a top wick for a push lower?
I won't try and trade against that, safer to wait for price action and bigger timeframe candle closures to show direction. Higher timeframe candle closures around major support/resistance are key!
FMG Technical Analysis, page-11491
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Last
$20.68 |
Change
0.580(2.89%) |
Mkt cap ! $63.67B | |||
| Open | High | Low | Value | Volume |
| $21.26 | $21.59 | $20.48 | $371.6M | 17.83M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 17519 | $20.67 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.69 | 1250 | 2 |
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| Last trade - 16.10pm 30/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |